Converting your dream into reality is home loans and there are many types of loans available in India. The value of land always grows and the appreciation for your investment is obvious within few years.
The snapshot of the home loans available are as follows:
1. HOME PURCHASE LOAN : The customer can avail this loan to purchase a newly constructed flat or house. It may be also an existing residential property in nature from the previous owner. Banks usually offer 80 to 85% of the market value of the property.
2. HOME IMPROVEMENT LOAN : It is a type of loan availing to repair the house of their own. Home Improvements, modifications, room additions and renovations can be undertaken. For example extending a room, making a new balcony, painting, flooring work, all kinds of plumbing or exterior elevation works are all covered.
3. HOME CONSTRUCTION LOAN : These loans can be availed to construct a house according to their own plan. The process and approval for this kind of home loans are different from those of the commonly available housing loans.
4. HOME CONVERSION LOAN : This type of loan is availed to get some additional amount which can be used for buying the second home.
5. THE LAND PURCHASE LOAN : The loan provided in order to buy lands or plots. The land may be used for residential construction or investment purpose. The loan offered is 85% of the property value as loan when purchasing a land or plot.
6. THE BRIDGE LOAN : Bridge loans is to bridge the gap between an old existing house with a newly purchased land. The loan provides the customer with the funds to buy a new home until and give time for selling existing house. These types of loans are for not less than two years and require finance documents of the new property.